Things are not looking good for Hudson Rise Hotel, the 47-story hotel and condo development proposed for the Far West Side by development partners Kuafu Properties and Siras Development. A judge with the New York Supreme Court denied a motion by Kuafu Properties to dismiss several claims against it, according to The Real Deal, meaning the two firms will continue to wrestle for control over the future tower.
The dramatic legal fights between Kuafu Properties, a New York firm backed by Chinese private equity money, and Siras date back several years. The firms tried to dissolve their partnership in February of last year, claiming they faced deadlock with "no hope of reconciliation," but the petition was dismissed by a judge. That was followed by suits and countersuits with Siras Development claiming that Kuafu was plotting to kick them out of the partnership.
The latest legal matter deals with a $44.4 construction loan bought by Kuafu. Siras believes Kuafu bought the loan to eventually gain full control of the stalled project. A judge ultimately felt that there were "sufficient allegations" that Kuafu purchased the loan with ill will, meaning that the firms are going to court. The next expected court date is in April, The Real Deal noted.
Some new renderings of the project emerged last summer, with plans for 242 hotel rooms, 108 condos with hotel amenities and 27 condos atop the tower. The penthouse apartment is supposed to have an infinity pool, and the Shanghai Club, referred to by developers as an incubator for the "Chinese entrepreneur diaspora" was expected to move in. It's been no secret that the Chinese-lantern style building plans to attract international buyers. All that depends, however, on if it ever gets built.